The Euro remains under pressure and extends fresh weakness below important 1.3200/1.3180 support zone. The price tested 200DMA at 1.3136, with psychological 1.3100 support, also 50% of 1.2754/1.3450, being in near-term focus. Negative near-term studies, along with daily indicators entering negative territory, see scope for further downside, with break below 1.3100, expected to open 1.3050, 16/07 low and 1.3020, Fibonacci 61.8% retracement. Previous supports at 1.3180/1.3200, now act as initial resistances, with the latter being reinforced by descending 20DMA. Further upside would face Fibonacci barriers at 1.3236 and 1.3266, 38.2% and 50% retracement of 1.3397/1.3136, ahead of 1.3300, round figure resistance and Fibonacci 61.8%, where stronger rallies should be capped.

Cable trades in the near-term consolidative mode, after cracking psychological 1.5600 barrier on a spike to 1.5603. The second day closing above 200DMA, gives more credibility to the recovery rally from 1.5427, where pullback from 1.5716, 21/08 peak, found support. Positive tone prevails on near-term studies, with price action retracing so far 61.8% of 1.5716/1.5427 descend, keeps the upside in near-term focus. Sustained break above 1.5600 and clearance of the last hurdle at 1.5636, is required to confirm bulls for eventual push towards key 1.5700/16 barriers. Initial support lies at 1.5521, Tuesday’s low, ahead of 1.5500, 200DMA and higher lows at 1.5461/27, loss of which will be bearish.

The pair remains steady and continues to trend higher, en-route towards psychological 100 barrier, with 99.85 seen so far. Positive near-term technicals support the action, with sustained break above 100 barrier, to signal completion of weekly bullish pennant and open next targets at 100.85 and 101.52. Near-term consolidation lows at 99.22/15, along with 99.00, offer initial support. Only reversal under 98.50, 29/08 high, would delay and signal stronger correction.